RMD of spouse when beneficiary elects lump sum distribution
My mother passed away at age 90. In the year of her death she had taken 7 months of her RMD. My 97 year old father is the beneficiary and wishes to take the remaining amount of her IRA as a lump sum distribution. We understand he will need to pay taxes on this distribution; the question is how does he satisfy the remaining amount of her RMD for the remainder of this year?
Thanks
Permalink Submitted by Alan - IRA critic on Mon, 2017-09-11 23:49
What year did she pass? Did your father roll the inherited IRA over to his own IRA yet? If so, when? If not, he should do it ASAP as it will reduce his RMDs considerably and protect his beneficiaries from loss of stretch.